Principles of Business Chapter 1 Review

Describe what a Human Resource is

• The work performed by people in an organization

• The work performed by people in a business

• The work performed by people in a school

• The work performed by people in a company

The ______ the competition, the _______ the price

• higher, lower/lower, higher

• low low

• high high

• All of these above

Describe what a land resource is

• All of a nation's natural resources come from the land

• Land and water

• Food and resources

• All of these above

The Process of controlling and making decisions about a business is called:

• Controlling

• Work

• Management

• Company

What is it called when something is given up in order to gain something else?

• Losing

• Gain

• Trade Off

• All of these above

Name the type of economy where both the government and individuals make decisions about economic resources.

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

A physical item that can be touched is called a:

• Object

• Business

• Ball

• Good

An action or task that is performed, usually for a fee (and is consumed at the time it is purchased) is called:

• Good

• Business

• Service

• Economy

Something that is required to survive

• Want

• Water

• Food

• Need

Name the type of economy where the government makes all the economic decisions for its citizens.

• Traditional Economy

• Market Economy

• Mixed Economy

• Command Economy